Startup two-wheeler lifecycle and finance services platform Bike Bazaar on Thursday said it has raised Rs 170 crore of equity funding as part of its ongoing Series D fund raising programme.
The fresh investment was from a consortium led by Women’s World Banking Asset Management (WAM), which joined existing equity investors Elevar Equity and Faering Capital, the company said in a statement. The Series D funds are intended to be used to penetrate deeper into rural India and also scale up the marketplace business for sale and purchase of used two-wheeler, it added.
The company said it is in advanced discussions with other investors to raise a further Rs 80 crore to take the total Series D equity round to Rs 250 crore. It is also in talks with global electric vehicle focussed funds to raise up to Rs 250 crore for its electric two-wheeler financing, leasing and services business. Bike Bazaar offers financing for new and pre-owned two-wheeler and a marketplace for trading pre-owned two-wheeler, besides leasing, insurance and servicing. It has raised debt financing of over Rs 250 crore from various banks and financial institutions in the last six months, the company added.